Get a fix on your true level of risk tolerance
Until very recently, things had been looking up in the U.S. The Labor Department reported that the U.S. unemployment rate dropped to 11.1% in June, as millions of Americans began returning to work. That helped lift investor sentiment on hopes that the economy would start to recover. But a resurgence in COVID-19 cases in the U.S. over the past couple of weeks could derail that. This past week, over 77,000 new COVID-19 cases were reported in the U.S. in a single day.
Robyn Thompson is featured in this FP Canada interview, discussing practical strategies for dealing with financial stress during the COVID-19 pandemic.
Watch Robyn Thompson on BNN’s “Ask the Expert” feature on The Open, discussing which form of financial aid works best for someone who is both a seasonal worker and a student.
Don’t let pandemic woes infect your bank balance
The COVID-19 pandemic has thrown many families’ financial plans into disarray. And while restrictions are gradually being lifted, activity is still far from normal. And, if the experts are right, there’s still the threat of a secondary wave of infections to contend with in the fall. Most everyone is washing their hands frequently and using masks in public spaces to stay healthy. But what about your finances? Here are five smart ways to sanitize your finances to make sure your bank balance doesn’t end up in the ICU.
Paying down debt, building savings, emergency benefits
This year has been particularly challenging for new graduates of post-secondary schools. Because of the COVID-19 lockdowns, the last semester for most students was likely done online, as were exams and other final submissions. Graduation ceremonies have been postponed. But at least marks and certificates could be mailed out. So congrats to all the new grads! But what’s next? As lockdowns lift and things slowly return to normal, you’ll still have to deal with some “real world” matters – and these are mostly financial.
Robyn Thompson is featured in The Globe and Mail’s “Financial Facelift” series by Diane Maley. Mark and Meredith are well positioned financially with robust cash flow, and want to retire, but they still have mortgages on rental properties. Should they pay off the mortgages as fast as possible? Read Robyn Thompson’s advice on why that might not be the best idea for the couple at this point in their lives.
Robyn Thompson is featured on BNN’s “Ask the Expert” feature on The Open, discussing the salary requirements for small business owners to apply for interest-free loans under the Canada Emergency Business Account (CEBA).
How to cut the capital gains tax hit
Thinking about selling the cottage, cabin, or lakeside getaway? Plenty of people are, especially those of the Baby Boom generation who are finding that maintaining two properties is increasingly time-consuming, tiresome, and expensive. And if the younger generation is no longer interested in keeping up a family cottage, there seems little alternative left but to sell. If you do decide to put up that “for sale” sign, bear in mind that the Canada Revenue Agency will come calling with a bill for capital gains tax. Depending on how long you’ve owned the cottage, it could be a big one. But there may be ways to soften the blow.
Robyn Thompson is featured on Citytv’s Breakfast Television with Devo, discussing the financial implications of bringing an elderly parent home from a long-term care residence during the COVID-19 pandemic. What you need to know before making the move.
The big come-on from dodgy vaccine-makers, fake gold mines
The COVID-19 pandemic has brought many unpleasant consequences to our economy and social structure through emergency lockdowns and self-isolation. One of these is the proliferation of fraudulent investment schemes and scams designed to part you with your money. As more of us are forced to stay at home, online usage has skyrocketed. And fraudsters are taking advantage. Seniors are especially susceptible, as con men believe they are more trusting but also generally more vulnerable, particularly those living alone. But you can protect yourself by following just five simple rules. READ MORE